3Q17 Underperformance
AISA posted the decline in sales from IDR1.4 trillion in 3Q16 into IDR809 billion in 3Q17. The key factor attributable to the decline of 43% in sales was the rice mill division posting the decline of 69% in sales from IDR783 billion in 3Q16 into IDR244 billion in 3Q17. AISA plans to divest the rice mill division in 2018.

Maturity Bonds
AISA has two bonds, namely AISA01 bond with par value of IDR600 billion and SIAISA01 Islamic bond with par value of IDR300 billion to be matured on April 5, 2018. Besides, it also has SIAISA02 Islamic bond with par value of IDR1.2 trillion to be matured on July 19, 2021.
In term of PEFINDO rating, AISA bond experience decline. From idA/Stable in July 2017 into idA/C.W Negative in November 2017, into idBBB/C.W Negative in December 2017 into idBB+/C.W Negative in January 2018, and worsened into idCCC/C.W. Negative on February 2018. PEFINDO assessed that AISA has a weak liquidity and no capability to settle its financial debt.

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